Rayovac 2010 Annual Report Download - page 158

SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
The following table sets forth the fair value of the Company’s pension plan assets as of September 30, 2010
segregated by level within the fair value hierarchy (See Note 3(s), Significant Accounting Policies—Fair Value
of Financial Instruments, for discussion of the fair value hierarchy and fair value principles):
Level 1 Level 2 Level 3 Total
U.S. Defined Benefit Plan Assets:
Common collective trust—equity ............................. $— $28,168 $— $28,168
Common collective trust—fixed income ........................ — 16,116 — 16,116
Total U.S. Defined Benefit Plan Assets ............................ $— $44,284 $— $44,284
International Defined Benefit Plan Assets:
Common collective trust—equity ............................. $— $28,090 $— $28,090
Common collective trust—fixed income ........................ — 9,325 — 9,325
Insurance contracts—general fund ............................ — 40,347 — 40,347
Other ................................................... — 3,120 — 3,120
Total International Defined Benefit Plan Assets ...................... $— $81,282 $— $81,282
The Company sponsors a defined contribution pension plan for its domestic salaried employees, which
allows participants to make contributions by salary reduction pursuant to Section 401(k) of the Internal Revenue
Code. Prior to April 1, 2009 the Company contributed annually from 3% to 6% of participants’ compensation
based on age or service, and had the ability to make additional discretionary contributions. The Company
suspended all contributions to its U.S. subsidiaries defined contribution pension plans effective April 1, 2009
through December 31, 2009. Effective January 1, 2010 the Company reinstated its annual contribution as
described above. The Company also sponsors defined contribution pension plans for employees of certain foreign
subsidiaries. Successor Company contributions charged to operations, including discretionary amounts, for Fiscal
2010 and the period from August 31, 2009 through September 30, 2009 were $3,464 and $44, respectively.
Predecessor Company contributions charged to operations, including discretionary amounts, for the period from
October 1, 2008 through August 30, 2009 and Fiscal 2008 were $2,623 and $5,083, respectively.
(11) Segment Information
The Company manages its business in four vertically integrated, product-focused reporting segments; (i) Global
Batteries & Personal Care; (ii) Global Pet Supplies; (iii) the Home and Garden Business; and (iv) Small
Appliances.
On June 16, 2010, the Company completed the Merger with Russell Hobbs. The results of Russell Hobbs
operations since June 16, 2010 are in included in the Company’s Consolidated Statement of Operations . The
financial results are reported as a separate business segment, Small Appliances.
Global strategic initiatives and financial objectives for each reportable segment are determined at the
corporate level. Each reportable segment is responsible for implementing defined strategic initiatives and
achieving certain financial objectives and has a general manager responsible for the sales and marketing
initiatives and financial results for product lines within that segment.
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